Cushman & Wakefield Arranges $35 Million Financing for Georgetown’s One Washington Office Building in Boston

Cushman & Wakefield announced today that it has arranged a $35 million refinancing for One Washington that was acquired in 2013 by The Georgetown Co., a leading developer and owner of properties nationwide. The seven-year interest-only financing was provided by PNC Bank.

One Washington is a well-recognized, 18-story, 155,702 rentable square foot, boutique office building located in the Government Center area of Boston’s dynamic Financial District. The property, which is fully occupied by a total of 21 tenants, features two penthouse floors, highly visible retail on the ground floor, roof terraces on the fifth floor, a finished and leased basement, and a highly-desirable, covered parking lot in the sub-basement. Originally built in 1972, this institutional-quality post-modern asset was most recently renovated in 2006, with nearly $9 million spent in upgrades.

A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Alex Hernandez, Jay Wagner and Sridhar Vankayala, served as exclusive advisors to The Georgetown Company, LLC.

“The dynamic Washington Street corridor is a fantastic location and we look forward to further improving the property,” said Jonathan Schmerin, Managing Principal of Georgetown. “Cushman & Wakefield has been a valuable partner throughout this process and we‘re very pleased with their exceptional work for us.”